Diana Shipping enters new time charter contracts with Koch Shipping

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, through a separate wholly-owned subsidiary, has entered into a time charter contract with Koch Shipping Pte Ltd, Singapore, for one of its capesize dry bulk vessels, the m/v New Orleans.

The gross charter rate is US$11 250 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 16 months. The charter is expected to commence on 10 December 2016.

The “New Orleans” is a 180 960 DWT capesize dry bulk vessel built in 2015.

The company has also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its panamax dry bulk vessels, the m/v Melite. The gross charter rate is US$8000 per day, minus a 5% commission paid to third parties, for a period of minimum seven months to maximum 10 months. The charter is expected to commence on 6 December 2016.

The “Melite” is a 76 436 DWT panamax dry bulk vessel built in 2004.

The employments of “New Orleans” and “Melite” are anticipated to generate approximately US$5.73 million of gross revenue for the minimum scheduled period of the time charters.